NEW YORK — U.S. stocks plunged to their worst loss in eight months on Wednesday as technology companies continued to drop. The Dow Jones Industrial Average fell 831 points. President Donald Trump waded in late Wednesday, saying that the Federal Reserve was “has gone crazy” with interest rate increases and that the markets are in “correction.” Trump, who has been critical of the central bank’s interest rate increases, told reporters after landing in Erie, Pa., that he thinks “the Fed is making a mistake.” He adds, “I think the Fed has gone crazy.” But he’s also calling the drop “a correction we’ve been waiting for for a long time.” The losses were widespread, and stocks that have been the biggest winners on the market the last few years, including technology companies and retailers, suffered steep declines. Apple and Amazon both had their worst day in two and a half years.The Nasdaq composite, which has a high concentration of technology companies, had its biggest loss in more than two years. Alec Young, managing director of global markets research at FTSE Russell, said investors fear that rising interest rates and growing expenses are going to erode company profits next year. “The tax… Read full this story
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